Enigmatic Whale Experiences Massive XRP Liquidation Worth $4,497,377, Yet Offers an Unusual Turn of Events
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In the past hour, a significant long position on XRP worth over $45.8 million has seen over $4 million in liquidations, with more than $4.12 million coming from a single position of approximately 5.17 million XRP tokens. This position, opened at around $3.20 per token using 2x leverage on Hyperliquid, has a liquidation threshold near $1.64, meaning a price drop of nearly 50% from the entry point would be required to trigger complete liquidation.
Despite the large liquidation event, the position remains active. The trader has managed to maintain an ongoing unrealized profit of over $96,000, combined with another parallel leveraged position in SOL. However, significant funding costs of over $21,500 suggest the trader is taking on a high-risk, high-reward stance, balancing leverage costs with optimistic expectations for XRP.
The liquidation level for the XRP position is slowly approaching, with the position currently sitting close to the $3.108 liquidation price. The wallet in question still holds 593 million XRP on a 20x cross, with a total position value just under $19 million.
It's worth noting that the identity of the person or entity behind the large XRP position remains undisclosed. The wallet's transaction history shows multiple changes in a short period, moving from $3.1931 to $3.4046 and back to $3.19.
Shorts on Binance barely registered, with only $29,660 in closed out positions, indicating a predominantly bullish sentiment towards XRP. Interestingly, XRP longs account for 73% of Binance's long positions, suggesting a strong belief in the cryptocurrency's potential for growth.
However, the price action for XRP is not providing any guarantees. The price briefly dropped below $3.18, triggering partial liquidation, but did not reach the full liquidation threshold, allowing the position to remain partially open. The current price of XRP is not provided in this article.
As the trade unfolds, it remains to be seen whether the trader's optimism about XRP's price recovery will pay off. The trade is running out of time, and the position's future hinges on XRP's price movement.
[1] Data sourced from Hyperliquid.
Key Points: - A large XRP long position of approximately 5.17 million XRP tokens was opened at around $3.20 per token using 2x leverage. - The position has a liquidation threshold near $1.64. - Over $4.12 million worth of the position was liquidated when the price briefly dropped below $3.18. - The position remains active with ongoing unrealized profits and significant funding costs. - The identity of the trader is undisclosed. - The position is close to the liquidation price of $3.108. - The wallet in question still holds 593 million XRP on a 20x cross, with a total position value just under $19 million. - Shorts on Binance barely registered, with only $29,660 in closed out positions. - XRP longs account for 73% of Binance's long positions.
- The trader, whose identity remains undisclosed, holds a wallet containing 593 million XRP, a significant amount in crypto finance, with a total position value of nearly $19 million.
- Amid a bullish sentiment towards XRP on Binance, the trader took a high-risk, high-reward stance by opening a large long position of 5.17 million XRP tokens using 2x leverage, betting on XRP's price recovery.
- As the trader waits for XRP's price movement to determine the fate of their active position, they face considerable funding costs of over $21,500, demonstrating the potential risks associated with leveraged crypto trading.
